Ever since the US Supreme Court’s historic ruling finally permitting sports betting in the US there has been a positive explosion in the number of sportsbooks available.
It has also seen more and more people starting to place money on their favorite sports, whether it’s football, basketball, hockey, or virtually any other that’s taking place.
Nevertheless, there’s still a certain level of ignorance about the number and kinds of different bets that are available – and one of the most misunderstood areas comes in the form of parlay betting.
So, hopefully, what follows will give you a little bit more understanding of this kind of wagering.
Parlays Explained
In the simplest of terms, a parlay is any kind of bet that combines two or more separate wagers. So for example, one Sunday you could decide that the Dallas Cowboys, Miami Dolphins and Denver Broncos are all going to win their respective games.
Instead of placing individual bets on each of these anticipated outcomes, you can place a parlay bet, which will pay out if all three come off. But if any one of these teams either draws or loses, then you will also lose the bet.
That’s the downside. But the upside is that if they all go on to win you stand to make more money than if you had placed individual bets on each one.
Let’s explain this by giving an example.
The individual odds are:
Dallas Cowboys -110 to win
Miali Dolphins -275 to win
Denver Broncos +165 to win
Overall, the odds for this parlay would be around +590. So, for a $100 bet, you’d stand to win $590 if all the results go your way.
But if you had put all of these on as single wagers with $110 on the Cowboys, $275 on the Dolphins, and $100 on the Broncos, your stakes would total $485, and your winnings, if all came good, would amount to $365.
When you put it like this, it seems like a parlay would be a far better option in terms of money staked and potential winnings.
However, getting that $590 would depend on all the results going your way. If any one of the teams lose then you do too. On the other hand, with individual bets as long as at least one of them comes off you’ll have some winnings to show for it.
The fact that you need a number of outcomes to go your way is why many serious gamblers shy away from this kind of bet. But with the right kinds of picks and parlays you can see a relatively small stake turn into considerable winnings.
The Types Of Bets You Can Make
Generally speaking, there are three main kinds of bets that can be combined to make a parlay.
Moneyline bets are the most straightforward. These are simply bets on whether a team will win a game.
Points spreads which are predictions about the number of points that you believe a team will win or lose by.
Totals are the total number of points to be scored in a game by both sides.
It’s important to note that some sportsbooks don’t allow parlays to include money line and points spread picks and parlays on the same game as they’re too closely related – but apart from this restriction, the world’s your oyster when it comes to making predictions.
Strategies And Variations
It stands to reason that the more elements that you have in a parlay, the smaller the chance of you pulling off a win. So most people limit themselves to a maximum of three or four individual bets wrapped up into a parlay.
Within the placing of bets there are a few strategies that you can use to either tip the odds in your favor or to maximize potential winnings still further.
Teasers And Pleasers
Many sportsbooks offer you the option of a teaser. In this, you can lower the odds slightly on the bets which will increase your chance of winning, but will reduce the amount you’ll win.
Pleasers, on the other hand, do the opposite. These increase the odds to give you less chance of winning, but a bigger payout if you do.
Progressive Parlays
If you’re thinking of a bet with multiple picks and parlays this could be a good option. With a progressive, even if some legs of your parlay lose, you can still win some money. And the more legs in the progressive parlay, the more you can afford to lose while still getting some returns.
Round Robin
Not to be confused with the golf version of the same name, this allows you to create a number of parlays from a set number of outcomes, generally involving three teams and four possible outcomes that may result. It’s another way to minimize risk although, to win, at least two need to come off.
So if you’re interested in higher-risk, higher-reward types of bets parlays may be for you. And, hopefully, this guide should set you on your way.
